(1) A person has "knowledge" of a fact within the meaning of this article not only when the person has actual knowledge thereof but also when the person has knowledge of such other facts as in the circumstances show bad faith.
(2) A person has "notice" of a fact within the meaning of this article when the person who claims the benefit of the notice:
States the fact to such person; or
Delivers through the mail or by other means of communication a written statement ofthe facts to such person or to a proper person at such person or recipient's place of business or residence.
Source: L. 31: p. 646, § 3. CSA: C. 123, § 3. CRS 53: § 104-1-3. C.R.S. 1963: § 104-13. L. 2004: (1) and (2)(b) amended, p. 1421, § 68, effective July 1.